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  • WTI is consolidating last week’s uptick while trading below the 28.00 mark.
  • The level to beat for bears is the 24.00 support. 
 

WTI daily chart

 
WTI is consolidating last week’s gains as WTI bounced from multi-year lows. However, as the underlying trend remains bearish, crude oil can be vulnerable to the downside. In fact, the recent uptick could be a so-called dead-cat-bounce and the market might be resuming lower after this initial bullish attempt. 
 

WTI four-hour chart

 
In the aftermath of last week’s bullish attack, WTI is consolidating the gains below the 28.00 resistance. However, WTI bears would likely retake control of the market especially on a daily close below the 24.00 figure en route to the 22.00 and 20.00 price levels. On the flip side, strong resistance is seen near 28.00 followed then by 32.00 and 34.50 levels. 
 

Additional key levels